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Invest in African Energy (IAE) 2024 to Promote Investment in African Midstream, Downstream Sectors

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شمس سيف
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Invest in African Energy (IAE) 2024 to Promote Investment in African Midstream, Downstream Sectors

As Africa seeks to improve its supply of and access to refined petroleum products, a midstream and downstream-focused panel will explore investment opportunities in the sector at the Invest in African Energy (IAE) (www.Invest-Africa-Energy.com) forum, kicking off next week in Paris.

The session will uncover dynamic business, trade and partnership opportunities for pipeline projects across the continent, as well as crude oil storage facilities, fuel product tanks, oil refining and gas processing capacity and distribution infrastructure. In emphasizing the pivotal role these projects play in advancing Africa’s energy sector – by unlocking lucrative export revenue and delivering fuel to energy-hungry markets – the discussion will provide a roadmap to ensuring energy security and stability of assets, while minimizing environmental impact.

Organized by Energy Capital & Power, IAE 2024 is an exclusive forum designed to foster collaboration between European investors and African energy markets. Taking place May 14-15, 2024, in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors, and policymakers. For more information, please visit https://apo-opa.co/3wvcNUm.

Several massive infrastructure projects are underway across the continent, where midstream and downstream projects comprise more than half of the total oil and gas projects set to be deployed between now and 2028. In West Africa, Nigeria is developing the $3.5-billion Brass Methanol Plant to produce methanol, urea and ammonia, as well as completing the Train 7 Expansion Project at the Nigeria LNG plant, fueling LNG exports to the region. The Nigeria-Morocco Gas Pipeline is also underway, delivering Nigerian gas across 11 African countries to Morocco, and then onto Europe.

In East Africa, EACOP is set to transport oil from Uganda’s Tilenga and Kingfisher fields to Tanzania’s Port of Tanga for global export. The Uganda National Oil Company is also seeking partners for its Buloba oil storage project, which will be used as a strategic national fuel reserve unit and to facilitate exports. Meanwhile, billion-dollar integrated gas developments are unfolding across the continent – including three LNG facilities in Mozambique, Congo LNG, Tanzania LNG and more – boosting Africa’s gas liquefaction capacity and involving extensive pipeline infrastructure for processing and export.

HONEYWELL SIGNS STRATEGIC AGREEMENTS TO FURTHER SUPPORT IRAQI ENERGY SECTOR

By
شمس سيف
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HONEYWELL SIGNS STRATEGIC AGREEMENTS TO FURTHER SUPPORT IRAQI ENERGY SECTOR

Honeywell (Nasdaq: HON) recently entered several Memoranda of Understandings (MoUs) with the Iraqi government and private sector, helping to support the local infrastructure as it faces increasing demand for energy and electricity. 

These agreements allow Honeywell to explore strategic collaborations for Iraq’s oil and gas fields, including the cessation of gas flaring and the provision of development, automation, remote control and monitoring services.

The MoUs were signed by Ken West, president and CEO of Honeywell Energy and Sustainability Solutions (ESS), who attended, along with members of his leadership team, a meeting hosted by the U.S. Chamber of Commerce. H.E. Prime Minister of Iraq, Mohamed Shia Al-Sudani, participated in the meetings, along with high-level Iraqi government officials and prominent private sector firms. 

West said: “Honeywell has done remarkable work in Iraq, and I look forward to what we can do with these agreements. While there has been significant development within the energy sector locally, there is still tremendous potential for growth and cooperation, all aimed at providing a more reliable and sustainable energy sector for Iraqis throughout the country.”

The agreement is a part of Honeywell’s commitment to provide the best solutions and global expertise to help drive better efficiencies and sustainability within the country’s energy sector. This also demonstrates Honeywell’s alignment and support of its portfolio to three compelling megatrends, including the energy transition.

Mohamad Shaboot, President Honeywell Iraq, said: “These agreements show a clear commitment by both Honeywell and the Iraqi public and private sectors to continue the modernization and development of local industry. The focus on the energy sector is only continuing to grow and it is incumbent upon all of us to put in place the necessary technology and rigor to help realize a better energy future for the entire region.”

Honeywell has been operating in Iraq since the 1970s and recently appointed Shaboot as country president. The company supports local industry across multiple pillars, including energy, smart buildings and aerospace.

ADNOC Drilling Awarded $1.7 Billion Contract to Develop UAE’s Unconventional Energy Resources

By
شمس سيف
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ADNOC Drilling Awarded $1.7 Billion Contract to Develop UAE's Unconventional Energy Resources

ADNOC Drilling Company PJSC (“ADNOC Drilling” or “the Company”) (ADX symbol: ADNOCDRILL / ISIN: AEA007301012) has been awarded, by ADNOC, a $1.7 billion contract to provide drilling and associated services for the recovery of unconventional energy resources. The contract will see Turnwell deliver 144 unconventional oil and gas wells.

To service the contract, and explore the considerable future opportunities in unconventional  resources, ADNOC Drilling has incorporated a new company, Turnwell Industries LLC OPC  (“Turnwell”). ADNOC Drilling has signed a term sheet to enter into a strategic partnership with Schlumberger Middle East SA (“SLB”) and Patterson-UTI International Holdings, Inc. (“Patterson-UTI”) subject to signing definitive agreements and any necessary regulatory  approvals. The new company will be primarily engaged in unconventional drilling operations.

Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director and Vice Chairman of  ADNOC Drilling, said:” Our goal at ADNOC is to provide the energy and energy products that people depend on every day to power their lives and ensure a just, orderly and equitable energy transition. This award will accelerate the development of Abu Dhabi’s world-class resources to meet the world’s growing demand for affordable, accessible energy. ADNOC  Drilling is perfectly placed to responsibly develop these resources. Utilizing partnerships, innovative AI, digitalization and advanced technologies we will unlock Abu Dhabi’s abundant  energy resources, to drive value for the UAE.”

Commenting on the announcement, Abdulrahman Abdulla Al Seiari, Chief Executive  Officer, ADNOC Drilling, said: “Abu Dhabi’s unconventional energy resources are among the  world’s largest. This award, for 144 wells is just the beginning. It represents a transformational opportunity for ADNOC Drilling as the UAE’s world class unconventional energy resources will  require many thousands more wells and we are in a prime position to deliver them. 

‘’It represents a significant expansion of our operations and specialist capabilities and to help  us with that, we have set up a new company called Turnwell, and have signed a term sheet with SLB and Patterson-UTI, for potential partnership and support with the latest technology,  specialist services and innovations in the unconventional energy drilling space subject to  signing definitive agreements and any necessary regulatory approvals.” 

Spearheading unconventional energy drilling development within the Middle East region and  securing the UAE’s unconventional energy needs and resources, ADNOC Drilling will leverage  cutting-edge innovations in AI smart drilling design, completions engineering, and production  solutions. This will be enabled by ADNOC Drilling’s recent joint venture with Alpha Dhabi,  Enersol, which will see its scalable technology ecosystem bolstered through investments in – and acquisitions of – AI-enabled solutions and innovative technologies.  

This award marks our latest endeavour to support the UAE’s position as a trusted and reliable  energy provider and is a key step towards ensuring the nation’s gas growth ambitions. The  award solidifies ADNOC Drilling’s leadership in the regional market while also providing a  strong new revenue stream for the Company.” 

This initial phase of unconventionals development is expected to employ up to nine land rigs,  of which five are already included in ADNOC Drilling’s fleet as of 31 December 2023. The  contract is expected to start contributing to ADNOC Drilling’s revenue towards the second half  of this year. The Company’s full-year 2024 and mid-term guidance only captures this initial  award, creating significant potential upside to our business and financials in the mid to long term. 

Unconventional energy refers to oil and gas resources trapped in subsurface reservoirs requiring additional technology and processes to unlock them. Abu Dhabi today holds an  estimated 220 billion barrels of unconventional oil and 460 TCF of unconventional gas in place.  The opportunity in unconventional energy presents outstanding scale with the production  potential comparable to some of the most plentiful unconventional energy resources in the  U.S. 

SLB (NYSE: SLB) is a global technology company that drives innovation for a balanced planet.  It has extensive experience and expertise in the recovery of unconventional oil and gas  resources in the Middle East and around the world. 

Patterson-UTI is one of the leading oilfield services companies in North America and has been  heavily involved in the development of the United States unconventional energy resources.  The company comprises an impressive collective of top-tier talent, equipment, and  technology. 

Islamic Development Bank unit, RVCMC sign MOU to develop “Blue Carbon Generation Project” in Maldives

By
شمس سيف
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Islamic Development Bank unit, RVCMC sign MOU to develop "Blue Carbon Generation Project" in Maldives

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, signed a Memorandum of Understanding (MOU) with the Regional Voluntary Carbon Market Company (RVCMC) aimed to assist the Republic of Maldives in achieving its sustainability goals and addressing climate change’s impact.

The project aims to assess the potential and feasibility of generating “Blue Carbon Credits” from the Maldives Coastal Ecosystem (mangroves forests and seagrass meadows) and to facilitate the sale of generated credits to carbon markets.  This agreement was signed between Eng. Hani Salem Sonbol, CEO of ITFC and Riham ElGizy, CEO of RVCMC on the sidelines of the IsDB Group Annual Meetings held in Riyadh.

Commenting on the signing of the agreement, Eng. Hani Salem Sonbol, CEO of ITFC stated: “At ITFC, we prioritize sustainability in all our interventions aimed at supporting our Member Countries. Our commitment is to assist in the fight against climate change by partnering with national and regional efforts. This new collaboration with RVCMC and the Republic of Maldives is significant as it demonstrates the growing interest of our Member Countries in carbon credit. It also provides an opportunity for the Maldives to achieve its sustainability goals, which will benefit the population and the local economy.”

Riham ElGizy, CEO of RVCMC said, “The voluntary carbon market scales projects that mitigate the impact of climate change and promote sustainable development, and we see significant potential in developing blue carbon projects in the Maldives. By integrating carbon reduction and removal initiatives through the preservation and restoration of coastal habitats into its broader sustainability agenda, we believe that the Government of Maldives can achieve lasting positive climate impacts.”

This collaboration with RVCMC marks a milestone towards ITFC’s ambition to align with global environmental, social, and governance (ESG) practices and integrate environmental conservation with sustainable economic development, benefiting both the Maldives and the global fight against climate change.

Beautiful Child Prodigy on the Road to Global Success

By
Sahfy Sahfy
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Beautiful Child Prodigy on the Road to Global Success
Beautiful Child Prodigy on the Road to Global Success

Congratulations to  malak Abdullah Mohamed Adel on winning the first place and obtaining the gold medal in the gymnastics competition at the national level.

NEW HONEYWELL NAPHTHA TECHNOLOGY SET TO BOOST ENERGY EFFICIENCY

By
شمس سيف
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NEW HONEYWELL NAPHTHA TECHNOLOGY SET TO BOOST ENERGY EFFICIENCY

Honeywell today announced a transformational new naphtha to ethane and propane (NEP) process that will enable regions across the world to improve the efficiency of light olefin production and lower CO2 emissions per metric ton of olefin produced.  

Ethane and propane are the ideal feedstocks for producing ethylene and propylene – important petrochemicals used in the production of chemicals, plastics and fibers. This innovation demonstrates Honeywell’s alignment of its portfolio with three compelling megatrends, including the energy transition. 

The NEP technology generates a tunable amount of ethane and propane from naphtha and/or LPG feedstocks.  In a typical NEP-based olefin production complex, the ethane will be fed to an ethane steam cracking unit and the propane will be fed to a propane dehydrogenation unit. This approach generates more high-value ethylene and propylene with reduced production of lower-value byproducts compared to a traditional mixed-feed steam cracking unit directly processing the same quantity and composition of feedstock. This new approach results in Net Cash Margin increases from 15 to 50%.

An NEP-based olefins complex also reduces CO2 intensity per metric ton of light olefins produced by 5 to 50% versus a traditional mixed-feed steam cracker. Honeywell’s latest technology expands our portfolio of offerings to help meet growing demand for efficient petrochemical solutions.

“The petrochemical industry faces strong competition and challenges in obtaining raw materials globally,” said Matt Spalding, vice president and general manager of Honeywell Energy and Sustainability Solutions in MENA. “Our technology helps to enable more efficient production of ethylene and propylene, two chemicals which are in high demand, while also helping our customers lower their carbon emissions.”

This new solution is a part of Honeywell’s Integrated Olefin Suite technology portfolio – a first of its kind in the industry that creates differentiated offerings to enhance the production of light olefins.

Bitpanda expands into the UAE and launches Bitpanda MENA

By
شمس سيف
-
Bitpanda expands into the UAE and launches Bitpanda MENA

The largest European crypto platform and infrastructure provider Bitpanda has announced plans to expand to the Middle East, with the launch of Bitpanda MENA. Bitpanda will match the region’s ambitions and provide the infrastructure necessary to power future trading growth and unlock digital assets for millions of investors.

Banks, fintechs, (neo-)brokers and crypto-native companies in the region will be able to partner with Bitpanda Technology Solutions (BTS) to launch their own trading solutions powered by Bitpanda’s infrastructure in as little as 3 months once Bitpanda MENA has finalised obtaining its local licence later this year. BTS already partners with several of Europe’s largest banks, and currently provides the trading infrastructure for over 20 million customers across Europe.

Eric Demuth, co-founder and CEO of Bitpanda commented: “Over the last year we’ve seen a huge increase in demand for access to digital assets and a general maturation of the industry. Through Bitpanda Technology Solutions we will provide the region with the trading infrastructure it needs to meet the ambitions of its investors.  We are already the partner of choice for some of Europe’s biggest banks because we have proven again and again over the last decade that we provide both the best products, and the safety, security and trust they need to succeed. The UAE is the ideal place for us to make our entry to the Middle Eastern market. It has the perfect mix of investor demand and innovative regulatory environment that will allow us to deliver the best trading solution available on the market.”

BTS allows its partners to integrate a modular and scaled 24/7 trading infrastructure and offer trading, investing and custody services across every asset class in a modular way. Partners can build their own user experiences on an ISO 27001 certified and battle-proofed infrastructure incl. features such as savings plans, asset-to-asset swaps and crypto staking functionality. Additionally, all of Bitpanda’s European licences and regulatory experience can be accessed through a partnership with the most comprehensive and regulated crypto platform in Europe.

Walid BenOthman, Managing Director of Bitpanda MENA continued: “Bitpanda has built a truly world-class product that is already trusted by millions of European investors, and several of Europe’s largest banks. We know we have the best product available and are thrilled to be able to launch it in Dubai where demand for crypto and digital assets has never been higher.”

Bitpanda MENA will open its first office in Dubai at the DMCC Crypto Centre and has already appointed an experienced team led by Walid Benothman to tailor its offering to the local market. In line with its long history of regulatory compliance, Bitpanda is in the final stages of obtaining its FSP and will continue to work with local regulators to ensure a fully compliant product offering.

Speaking about the announcement, Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC commented: “As the world’s leading free zone and largest hub for Web3 in the region, DMCC is delighted that Bitpanda has announced its expansion to the Middle East via Dubai. As one of the leading names in the European crypto space, we look forward to working with Bitpanda through the DMCC Crypto Centre and its over 600 member companies as the ecosystem grows. We’re thrilled to welcome another unicorn to Dubai.”

DHL Express Qatar Named Logistics Partner for Autonomous e-Mobility Forum 2024

By
شمس سيف
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DHL Express Qatar Named Logistics Partner for Autonomous e-Mobility Forum 2024

DHL, the world leading logistics company, has joined as the exclusive logistics partner to the Autonomous e-Mobility Forum (AEMOB) 2024, set to take place in Doha, Qatar from April 30th to May 2nd. This partnership underscores DHL’s ongoing dedication to identifying and supporting truly innovative initiatives in the space of e-mobility.

The multilateral AEMOB Forum, hosted by the Ministry of Transport of the State of Qatar, will bring together international experts to explore the future of autonomous e-mobility from all relevant perspectives, including technology, science and research, and policy.

“We are proud to welcome DHL as a partner for the AEMOB Forum,” said Ahmad Al Ansari, Executive Committee Member of the Forum. “DHL’s global reputation and expertise make them a key player in mobility. Their involvement will not only enhance our discussions, but also contribute to the advancement of innovation overall.”

“We really are honoured to become the logistics partner for the AEMOB Forum 2024,” said Ahmed Elfangary, Country Manager at DHL Express Qatar. “As a global logistics leader, we at DHL remain strongly committed to driving innovation in transport by supporting initiatives, that have a positive vision and true potential to advance sustainable mobility solutions worldwide. We look forward to imparting our expertise to ensure that the AEMOB Forum is a success.”

The alliance between DHL Qatar and the AEMOB Forum also highlights the importance of cross-sector collaboration to propel the development and adoption of autonomous e-Mobility technologies further. Through this collaboration, DHL reaffirms its steadiness in promoting the transition to a sustainability-conscious logistics and transportation practice.

Forbes Middle East Unveils The Region’s Top Travel & Tourism Leaders

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شمس سيف
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Forbes Middle East Unveils The Region’s Top Travel & Tourism Leaders

Forbes Middle East has revealed its flagship ranking of the Top 100 Travel and Tourism Leaders in the Middle East, spotlighting the leaders enticing travelers to its shores and redefining the region’s status on the world stage. To construct this list, Forbes Middle East looked at the size of the business—including revenues, the value of investments and assets, the number of hotel keys—ownership of assets, and the experience, designation, and achievements of the business leader. All individuals had to be based in MENA.  

Executives on this list represent nine countries in the region. Of the 100, 54 leaders are based in the U.A.E., followed by 19 in Saudi Arabia and nine in Egypt. Combined, these three countries account for 82% of the ranking. With 50 entries, hotels and resorts make up the bulk of the list. Airlines and tourism development follow in popularity in the list, at 17 and 11 entries, respectively. 

Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and the Emirates Group, topped the list. Emirates has the world’s largest fleet of Boeing 777s and Airbus A380s. As of December 2023, it had a fleet of 260 aircraft in service and flew between 143 destinations. Saudi Tourism Authority CEO Fahd Hamidaddin and Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism, round up the top three. 

Across the travel and tourism ecosystem, industry heavyweights have been involved in a flurry of deals, promising further growth for the region. For instance, Humaid Matar Al Dhaheri led ADQ and ADNEC Group to sign a definitive agreement to acquire a 40.5% stake in Hisham Talaat Moustafa’s TMG Holding’s hospitality arm, the ICON Group. Similarly, Kabir Mulchandani’s FIVE Holdings bought The Pacha Group, encompassing its hotel and nightclub ventures. On the tourism development front, Raki Phillips played a key role in securing one of the largest foreign direct investments in Ras Al Khaimah to date: a $3.9 billion deal with Wynn Resorts to develop a 1,500 key integrated resort on Al Marjan Island.

The European Bank extends US$ 2 million trade line to Arab Islamic Bank in West Bank and Gaza

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Sahfy Sahfy
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EBRD extends US$ 2 million trade line to Arab Islamic Bank in West Bank and Gaza
EBRD extends US$ 2 million trade line to Arab Islamic Bank in West Bank and Gaza

The European Bank for Reconstruction and Development (EBRD) is boosting Palestinian export and import activities by providing a US$ 2 million  trade finance line to the Arab Islamic Bank (AIB).

The trade finance line, given under the EBRD’s Trade Facilitation Programme (TFP), will be used to issue guarantees in favour of confirming banks for pre-export and post-import financing, and help private businesses there with their trade finance activities.

This limit comes at a crucial time for the West Bank and Gaza, as the war in Gaza which started in October 2023 is impacting the economy of the West Bank. Recent estimates indicate that the local economy contracted by at least 6.4 per cent at the end of 2023 due to employment losses and rising security tensions, which affected mobility and business activity.

By joining the TFP and receiving the trade line, AIB will gain access to a global community of more than 100 issuing banks and 800 confirming banks, expanding its correspondent banking network and international business opportunities. AIB employees will be able to benefit from a wide range of seminars and training on trade finance best practice.

AIB is the largest Islamic Bank in West Bank and Gaza and a subsidiary of the Bank of Palestine (BoP), the largest bank in West Bank and Gaza and an EBRD client since 2020.

Mike Taylor, EBRD Director for Financial Institutions of the Southern and Eastern Mediterranean region, said: “We are delighted to welcome the Arab Islamic Bank into our network. This trade finance limit is our first limit with an Islamic bank in West Bank and Gaza, and will not just support Palestinian exporters and importers but also provide opportunities for trade finance training at AIB.”

Hani Nasser, General Manager of AIB, commented: “The cooperation with the EBRD is an important milestone for AIB as it will enhance trade facilitation services provided for AIB’s clients, in addition to having access to banks around the world through the network of EBRD partners. It’s an opportunity for AIB to establish strong relationships with new correspondent banks. The benefits extends beyond commercial transactions, as the EBRD provides trade finance tools through training courses to AIB employees.”

The TFP was launched in 1999 to promote international trade among the economies in the Bank’s regions, in the form of guarantees and short-term loans to selected participating banks and factoring companies.

Since the start of its operations in the West Bank and Gaza in 2017, the EBRD has signed 24 projects worth a total of €118.7 million.

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